How much longer will it take?

KSRGriffiths

I'll try and keep this short! My grandfather died at the end of June, he had approx £70k in savings and his house, which has been sold and is completing next week for £140k, there are 5 beneficeries, all pretty simple. How much longer should it take to all be completed?

TonyMMM

Who is the executor - a solicitor or a family member ?

If it is a solicitor it may take a few months, they are not renowned for hurrying to pay out (in case any debts surface later)

KSRGriffiths

The executor is a family member, there is a solicitor dealing with probate etc.

TonyMMM

The executor can distribute the estate as soon as they are satisfied they are in a position to do so - i.e. they have accounted for the assets and paid any debts. They can also consider making interim payments to beneficiaries if things are taking a while.

Not sure why the family member is executor but solicitor dealing with probate - why not do it themselves ??

KSRGriffiths

I'm not really sure to be honest! So once the house is completed next week and the executor is happy they have everything accounted for, they can distribute the money? I didn't realise they'd have access to the money?

TonyMMM

They can distribute when they are ready to do do - but it isn't even 4 months yet and that is not an unreasonable period for an estate to take to settle (especially where there is a property involved), many would take a lot longer.

If there is any concern about outstanding debts , the solicitor may advise them to wait for a while.

Shelldean

The executor may decide to wait and ensure.no further debts arise further down the line. Simply because if they do, then they as executor are liable for these debts.

I'd say it's all moving quite quick tbh, OH Nan died in March and while he has had all the money sitting in a special account for months we're no where near distribution. Again a simple estate but we're awaiting on DWP regarding overpaid benefits in our case.

OH can't distribute as if it turns outs there is a debt to DWP, Then him personally will be liable for the repayment.

RAS

Probate has obviously been granted because the house sale is going through.

However the DWP do not even ask about potential debts until after probate. If GF was in receipt of ANY mean-tested benefits, expect the executor to be asked about re-payment to the DWP. That can take a while to sort out.

g6jns_2

KSRGriffiths wrote: »

I'm not really sure to be honest! So once the house is completed next week and the executor is happy they have everything accounted for, they can distribute the money? I didn't realise they'd have access to the money?

The executor will almost certainly publish a statutory notice to ensure any creditors must make a claim within a couple of months. Six or seven months would not be an unreasonable time to sort it all.

KSRGriffiths

Thanks everyone, I just wasn't sure how long all these things take, no one ever want to give a straight answer, especially the solicitor!

g6jns_2

KSRGriffiths wrote: »

Thanks everyone, I just wasn't sure how long all these things take, no one ever want to give a straight answer, especially the solicitor!

To be fair the solicitor is only part of the chain. Lots of other factors can slow things down. For example if the executor has passed it all to the solicitor it means the executor may still have to sign all sorts of documents and that takes time.